SHENZHEN, China :China's Huawei Technologies will see revenue from its smartphone business drop by at least US$30-40 billion in 2021, with new growth streams unlikely to make up the shortfall in the next few years, chairman Eric Xu said.
Former U.S. president Donald Trump put Huawei on an export blacklist in 2019 and barred it from accessing critical U.S.-origin technology, impeding its ability to design its own chips and source components from outside vendors.Once briefly the world's biggest smartphone vendor, Huawei dropped out of the ranks of China's top five sellers in the second quarter for the first time in more than seven years, according to research firm Canalys.
The company has been looking for new areas of growth such as 5G and AI-based infrastructure upgrades to airports and mines. China will be a world leader in applying 5G technology in the next few years, Xu said. Reuters reported in August that the Tianjin State-owned Assets Supervision and Administration Commission , which oversees local government-backed companies, has asked municipally controlled companies to migrate their data from private sector operators to a state-backed cloud system by next year.
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